News

13/11/15

IPO market’s continued strength

Gilbert + Tobin is advising the underwriters on the initial public offering (IPO) and listing on the Australian Securities Exchange of McGrath Limited and IDP Education Limited.

The Gilbert + Tobin team acting for Goldman Sachs and Macquarie (as underwriters of the IDP Education IPO) was led by partner Peter Cook, supported by lawyer Kathryn O’Brien. IDP Education (expected to have a market capitalisation of $663.3 million) is a leading global provider of international student placement services.

Gilbert + Tobin also acted for JP Morgan and Bell Potter as underwriters of the McGrath IPO, with the team led by Peter Cook, and supported by lawyers Kathryn O’Brien and Sean Meehan. McGrath (expected to have a market capitalisation of $281.8 million) is a leading residential real estate service provider in Australia.

This comes on top of Gilbert + Tobin’s other recent roles advising TEN on its accelerated rights offer, Citi and CBA on their underwriting of Flexigroup’s accelerated entitlement offer to partially fund its acquisition of Fisher & Paykel’s NZ finance business, CBA on its underwriting of Dacian Gold’s rights offer and placement and Macquarie on TPG’s underwritten $300m institutional placement.

Gilbert + Tobin has a strong track record of acting on many of Australia’s largest and most significant IPO and other equity capital markets transactions. On the flurry of recent deal activity, Peter Cook commented: “Both IPOs reflect the IPO market’s continued strength. It is also positive to see growing levels of secondary market raisings to support M&A transactions. We are delighted to work on these significant transactions.”

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